Busan is good

Busan Metropolitan City to Launch “Good Price Plus (+) Dongbaekjeon” Program for Good Price Businesses in June

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Busan Metropolitan City, led by Acting Mayor Kim Kyung-duk, announced that it will fully launch the “Good Price Plus (+) Dongbaekjeon” program beginning in June to ease the burden of rising living costs on citizens facing difficulties due to the Middle East crisis and high inflation, while also supporting small business owners of Good Price Businesses participating in price stabilization efforts.

Under this program, citizens who make payments with Dongbaekjeon at Good Price Businesses will receive an additional 5 percent refund on the payment amount in addition to the standard cashback benefit.

Currently, the standard Dongbaekjeon cashback rate is 10 percent for affiliated stores with annual sales of 1 billion won or less, and 8 percent for affiliated stores with annual sales between 1 billion won and 3 billion won. With the additional cashback provided at city-designated Good Price Businesses, citizens can receive benefits of up to 15 percent.

Through this additional cashback support, the city plans to expand the use of Good Price Businesses by citizens and create a virtuous cycle of consumption leading to increased sales for participating businesses, thereby fostering a voluntary atmosphere of price stabilization.

In particular, the city intends to proactively address the possibility of reduced consumption in service sectors such as dining, accommodations, and leisure due to recent increases in oil prices and growing external uncertainties, while building a consumption foundation in which citizens and small business owners can prosper together.

Given Busan’s economic structure, where tourism and service industries account for a significant share, a decline in consumer sentiment could affect the regional economy as a whole. Accordingly, the city’s strategy is to revitalize local commercial districts by stimulating consumption in personal service industries closely tied to citizens’ daily lives.

The city also expects the program to diversify consumption patterns that had previously been concentrated in sectors such as private education institutes and medical services into everyday lifestyle-related service sectors including dining, beauty services, laundry services, and bathhouses.

Good Price Businesses refer to designated personal service establishments in sectors such as dining, accommodations, beauty services, laundry services, and bathhouses.

The city has already achieved one of the highest expansion rates nationwide this year, with the number of designated Good Price Businesses increasing by 250 locations in the first quarter alone.

This represents a significantly larger increase compared to other major metropolitan cities during the same period, including Seoul with an increase of 27 locations and Daejeon with 10, and far exceeds the average increase seen in other cities and provinces.

Going forward, the city plans to continue discovering and expanding Good Price Businesses to create an environment in which citizens can enjoy high-quality services at reasonable prices throughout the region.

Kim Bong-cheol, Assistant Mayor of Digital Economy Office, stated, “We would like to express our gratitude to the owners of Good Price Businesses who continue to practice price stabilization despite external challenges such as the Middle East crisis and high inflation.”

He added, “We will do our utmost to reduce the burden of living costs on citizens through Good Price Businesses and maintain Busan’s competitiveness as a tourism city. We hope the launch of the Good Price Plus (+) Dongbaekjeon program will serve as a catalyst for revitalizing the local economy.”